VC GB Holdings increases first-lien term loan size to $508 million

By Sara Rosenberg

New York, Nov. 2 – VC GB Holdings Inc. upsized its covenant-light first-lien term loan due February 2024 to $508 million from $498 million, according to a market source.

Pricing on the loan is Libor plus 325 basis points with a 1% Libor floor and a par issue price.

The term loan includes 101 soft call protection for six months.

Deutsche Bank Securities Inc. is the left lead bookrunner on the deal.

Proceeds will be used to reprice an existing term loan down from Libor plus 375 bps with a 1% Libor floor, and the $10 million raised through the upsizing will be used to pay down some second-lien term loan borrowings, the source added.

Allocations are expected on Friday.

VC GB is a decorative lighting company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.